overview

Briefing

GDP per capita

• Jiangsu has a very strong economy, with a GDP of approximately 11.19 trillion yuan (about $1.75 trillion USD) in 2020.
• This makes it the second-largest provincial economy in China, after Guangdong.
Innovation Resource

• Jiangsu has a total of 126 universities, the second highest number after Beijing.
• These universities include some of the top institutions in China.
• Many of Jiangsu’s universities and research institutions are heavily involved in research and development activities.
• In 2020, Jiangsu-based universities received over 12,000 patents, which accounted for about 11.5% of all patents in China that year.
Transportation Hub

• Jiangsu has an extensive network of highways, including several major expressways.
• Jiangsu has several airports, including the Nanjing Lukou International Airport, which is one of the busiest airports in China.
Jiangsu’s cities have well-developed urban transportation systems, including subway systems, bus networks, and taxi services.

Business Environment

According to the World Bank’s most recent Doing Business report, Jiangsu is one of the best-performing provinces in the country in terms of ease of doing business, with a ranking of 9th overall.
Key Hi-Tech Industrial Clusters

• Advanced manufacturing
• Biotechnology
• New materials
• Software
• New energy and clean technology
Government Support

• The Jiangsu government has implemented various policies and initiatives to support entrepreneurship and new business creation.
• This includes funding programs, incubator and accelerator support, and tax incentives.
Entrepreneurship Hub

• As from 2020, there were more than 37,000 startups in Jiangsu province, the second-largest number after Guangdong.
• These startups are spread across a variety of sectors, with a particular emphasis on advanced manufacturing, biotechnology, and IT.

R&D Activities

• Many of Jiangsu’s universities and research institutions are heavily involved in research and development activities.
• In 2020, Jiangsu-based universities received over 12,000 patents, which accounted for about 11.5% of all patents in China that year.
Foreign Entrepreneurial Support

• The government supports innovation and entrepreneurship through funding initiatives and support programs for startup companies.
• For example, the Jiangsu Provincial Enterprise Technology Center program provides funding and support for companies engaged in technological research and development.
Jiangsu Industrial Technology Research Institute

• Jiangsu Industrial Technology Research Institute (JITRI) is a top application-oriented research organization and a high-tech investor in China,
• Founded in 2013 by Jiangsu Province to promote industrial technology research and the commercialization of advanced scientific results.
• JITRI has established 59+ specialized research institutes in the fields of advanced materials, energy & environment, manufacturing & equipment, biology & medicine, and ICT.
Startup incubators and accelerators

• There are many startup incubators and accelerators in Jiangsu, which provide crucial support and resources to entrepreneurs.
• In 2020, the province had 178 incubators and 49 accelerators, covering a wide range of industries and technologies.

Investment Funds

• Jiangsu is also one of the most active provinces in China in terms of investment funding for startups.
• In 2020, Jiangsu-based startups raised more than 100 billion yuan (about $15.5 billion USD) in funding, the second-largest amount after Beijing.
Investment promotion
policies

• The Jiangsu government has implemented various policies to promote foreign investment and create a favorable environment for businesses.
• For example, the government provides tax incentives, subsidies for research and development, and streamlined administrative procedures.
Regional development programs

• The government has established regional development programs to support the growth of certain industries and regions within Jiangsu.
• Programs such as the Suzhou Industrial Park and the Nanjing Jiangbei New Area offer incentives for businesses to establish operations in these areas.
Foreign Investment

• Jiangsu is a popular destination for foreign investment, owing to its favorable business environment.
• In 2020, the province attracted $20.8 billion USD in foreign direct investment (FDI), which accounted for about 8.8% of total FDI in China.